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Contactless and mobile payment transactions are based on the EMV specifications. This relates to their functionality and transaction flow as well as to the associated security fundamentals. As a result, a mobile transaction is no different from a card transaction at the POS. Enabling the device side to perform contactless and mobile transactions means to implement these new features and security measures and change hardware and software of the devices.
The penetration of contactless terminals supporting proximity payments in the U.S. market is still very low today (at present, only about two percent of the roughly 7 million card-accepting merchant locations in the United States have been equipped with contactless POS terminals since the U.S. contactless-payment rollout began seven years ago. This means that the bulk of the hardware and software upgrades are still in front of the industry in order to make contactless and mobile payments a success. It would only take a small incremental investment to also provide EMV contact transaction capabilities in these new devices and thereby open up the U.S. acceptance infrastructure for the globally accepted EMV standard represented by more than 1.2 billion cards as of today.
In other words, the U.S. migrating to EMV devices supporting EMV contact and
contactless would bring mobile acceptance as a bonus. The issuing side can then
decide whether to issue dual interface cards (contact & contactless) and/or
support mobile payments.
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North America set for
payment revolution
Visa’s backing of chip technology signals the beginning of a new era for US
banks and retailers
World leader in proven and
efficient cards for EMV deployment
Clarista
Proven and efficient payment cards.
